Richard Branson 's Virgin Group is aiming to challenge Eurostar 's dominance with a £700 million fundraising effort to launch its own cross-channel rail service. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its bid to launch cross-channel rail services to compete with Eurostar, the Financial Times reported on Sunday.

Virgin Group Seeks 700M to Challenge Eurostar with Cross-Channel Rail Service Virgin Group, led by British billionaire Richard Branson, is aiming to raise 700 million ($900 million) to launch a high-speed rail

Virgin is quoted as saying: ‘The cross-Channel route is ripe for change and would benefit from competition. While Virgin is not committing to launching a service just yet, we are seeking investment from like-minded partners to invest alongside Virgin and we are delighted with the progress made so far.’

British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its plan to launch cross-channel rail services as it looks to compete with Eurostar, the company said on Sunday.

Sir Richard Branson’s Virgin Group is looking to raise £700mn to fund its bid to launch new cross-channel rail services to compete with Eurostar. Virgin Group told the Financial Times that it intends to raise £300mn in equity and £400mn in debt, and that it plans to be a cornerstone equity investor in the project.